AJK bank seeks scheduled status

State bank’s governor meets with AJK delegation to regularise the bank. PHOTO: fb.com/AJK.Bank

MUZAFFARABAD: The State Bank of Pakistan (SBP) and the Bank of Azad Jammu and Kashmir have agreed to sign a memorandum to extend state bank’s supervisory role of Bank of AJK.

This was decided between the delegations of SBP and Bank of AJK during their meeting in Karachi on Friday. A three-member delegation of bank of AJK met the state bank delegation to discuss the scheduled status of the bank which would enable the bank to provide banking services with more flexibility.

SBP Governor Ashraf Wathra nominated a focal person to coordinate with Federal Ministry of Finance, AJK government, AJK Council and the BoAJK for streamlining the legal, operational and capital requirements the bank needs to meet to get the scheduled status.

The AJK delegation also briefed the governor of SBP on the various issues faced by the other commercial banks in AJK. The governor promised to address these issues and grant the scheduled status to BoAJK on a priority basis.

Finance Minister AJK and chairman bank of AJK, Latif Akbar led the delegation from AJK while the managing director of the bank of AJK, Fazalur Rehman, and its board member, Muhammad Saeed were in the delegation.